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Construction Forms Corporation buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily to hold debt securities to maturity. The following selected transactions relate to investment activities of Construction Forms whose fiscal year ends on December 31. No investments were held by Construction Forms at the beginning of the year.2009
1.Mar.2. Purchased 1 million Platinum Gauges, Inc., common shares for $31 million including brokerage fees and commissions.2.Apr.12. Purchased $20 million of 10% bonds at face value from Zenith Wholesale Corporation.3.Jul.18. Received cash dividends of $2 million on the investment in Platinum Gauges, Inc., common shares4.Oct.15. Received semiannual interest of $1 million on the investment in Zenith bonds.5.Oct.16. Sold the Zenith bonds for $21 million.6.Nov.1 Purchased 500,000 LTD International preferred shares for $40 million, including brokerage fees and commissions.7.Dec.31. Recorded the necessary adjusting entry(s) relating to the investments. The market prices of the investments are $32 per share of Platinum Gauges, Inc., and $74 per share for LTD international preferred shares.2010.
1.Jan.23. Sold half the Platinum Gauges, Inc., shares for $32 per share.2.Mar.1. Sold the LTD international preferred shares for $76 per share.1.Prepare the appropriate journal entry for each transaction or event.2.Show the amounts that would be reported in the company's 2009 income statement relative to these investments.
a private-purpose trust fund sold investments in securities having a carrying value of 23000 for 26000 resulting in a
Hults Corporation has provided data regarding the company's Manufacturing Overhead account for month of November.
The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.
power grid engineering associates inc. provides consulting services to commercial electric utilities. the consulting
the tippa canoe company makes fiberglass canoes. the fiberglass resin is initially molded to the shape of a canoe then
How much would George have to deposit in the bank today if he will beearning a 6% annual rate of return and wants to have $5,000 in the bank at the end of five years?
land costing 76614 was sold for 97702 cash. the loss on the sale was reported on the income statement as other expense.
Which suppliers of funds bear the greatest risk and should therefore earn the greatest return? bondholders, suppliers, banks, preferred shareholder, or common shareholder?
Prepare 2012 gift tax returns (Form 709) for the Bakers assuming that the § 2513 election to split gifts is made. The Bakers have made no prior taxable gifts. Relevant Social Security numbers are 123-45-6781 (David) and 123-45-6782 (Mia)
On December 31, 2012, the accountant had estimated the total tax for 2012 to be $123,600 and had recorded a liability of $3,600 for federal income tax payable.
Compute the amount of cash provided by or used for operating activities by the indirect method.
flint fabricators inc. machines metal parts for the automotive industry. under the traditional manufacturing approach
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